Cost Efficiencies Starting to Flow Through Gross Profit
Flotek is repositioning the company's field operations to serve customers in both the Chemistry Technologies and Data Analytics business segments. Improved cost control contributed to $1.9 million of adjusted gross profit in 1Q23, compared with ($2.1) million in 4Q22 and ($0.5) million in 1Q22. The 1Q23 adjusted gross profit margin was 5.5% in 1Q23. In tandem with the 1Q23 earnings release on May 8, management initiated FY23 revenue and adjusted gross profit guidance of $210-230 million and 8-10%, respectively. The midpoint of FY23 revenue guidance implies 62% Y/Y growth...Flotek Industries is a global, technology-driven company. The company's operating segment is Energy Chemistry Technologies, which designs, develops, manufactures, packages, distributes, delivers, and markets reservoir-centric fluid systems, including chemistries, for use in oil and gas well drilling, cementing, completion, remediation, and stimulation activities. This segment has a research laboratory and technical services laboratories that focus on design improvements, development and viability testing of new chemistry formulations, and continued improvement of existing products. The company's flagship patented chemistry technologies include Complex nano-Fluid?, Pressure reducing Fluids?, and MicroSolv?.
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